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Paytm Payments Bank launches mobile banking app for its 43 million customers

Priyanka Dua

Paytm Payments Bank Limited (PPB) has announced the launch of its mobile banking app that offers users quick, & secured access to their bank account on the go.

The new app is presently available for download on the Google Play store and shall shortly be available on the Apple app store as well.

"The new app has been introduced exclusively for its bank's customers to provide a wide range of banking services in a phased manner. The purpose of the new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPB customers will continue to serve its customers on its older app should its customers desire so. Both apps will co-exist," Satish Kumar Gupta, MD & CEO Paytm Payments Bank said.

The new app will allow customers to do banking transactions from its saving bank accounts and customers will be able to access 24x7 help and support

Launched in May 2017, currently, the bank has enrolled over 43 Million saving bank customers. PPB has already issued over two million physical debit cards. In addition, the virtual debit card has been given to all 43 million saving bank customers. PPBL debit card has inbuilt security feature of enabling /disabling it just by a single click in the app to secure against misuse of a debit card by any miscreant. It is pertinent to note that nos. of digital transactions through PPBL debit cards are twice than that of cash transactions.

Paytm Payments Bank customers enjoy free banking services and earn an annual interest of 4 percent on their savings. PPB has a highly secure infrastructure and allows its customers to deposit up to Rs 1 lakh in their savings account and/or wallet.

Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB's partner bank, allowing customers to earn up to 8 percent p.a. interest on their Fixed Deposit amount. The customer can instantly redeem the desired amount in their Fixed Deposit at any time free of charge.

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